I started hearing about this about 10 years ago (or more) from a member here who went by the handle of Jackman. (dunno if still around) I finally got one of my own. These sold new for $125 or so, but when production ended there were online retailers blowing them out for like $85! A lot got scooped up by people using as a mod platform. I personally think they sound great stock. Their value is increasing, as the stock one's are becoming hard to find. I paid $150 and have no regrets. It's up to about $180 now. Will it ever be worth big money? no. It's a Squire after all.
Popular enough that Fender brought back production on these. New one is improved. Is now string through body, which is great. Mine feeds the strings in from bridge. It's a PItA to change strings. New one's are $200. Id consider. Not much in same price range can compete IMHO.
Mine feels good and sounds great. Yes it took at least an hour with a file to address sharp fret ends, but not a deal breaker to me. I've got it set up nicely. Low action but no fret out and intonation seems spot on. It's a 'tuxie' (black w/ white pick guard)
The Squire Classic Vibe series is sweet too. I may get one of their Teles down the road. I personally love the vintage tinted necks on those. Id probably swap the bridge. That classic 3 saddle brass unit does give that vintage Tele twang, but hard to nail intonation on 3 saddle.
The 51 definitely sounds like a Fender. I may want that Les Paul vibe in the future. I wouldn't rule out an Epiphone. Seems like with automated manufacturing even low priced instruments are quite good these days. Just a matter of whether you need the name on headstock.
But hell, no one's paying me to play music, so it doesn't really matter!
Have fun with what ever is your instrument!